What follows are the answers to four other common questions about addressing technology and business risk.

How do these risks affect companies and their employees?

A low adoption rate can have a significant impact on the organization including but not limited to:

Lower than expected and/or delayed ROI;
Low morale within the project team; and
Unnecessary potential employee turnover.

In regards to Risk Waste, the impact is directly to the balance sheet. If the company is not realizing the intended ROI, by improved efficiencies your bottom line will be affected by direct and indirect costs.

What kind of opportunities does technology present to businesses?

This, of course, depends on many factors such as the organization's size, industry, workforce characteristics and risk transfer strategies. Similar to finding the right solution, companies that select platforms that are flexible enough to grow with their business goals will accelerate that growth by improving productivity and morale.

How can technology be used to prepare for and mitigate these risks?

Technology is core to reducing the impact of Risk Waste on an organization's balance sheet. Timely detection of new events and trends, collaboration and efficiency among multiple stakeholders, maintenance of reliable metrics, non-digitized safety procedures, disparate processes between safety and risk management and lack of real-time dashboards are all areas that technology can address.

Special Reports /

Technology: The business risk that's also the solution

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